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Unfair Practices
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redbean



Joined: 07 Mar 2006
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Location: singapore

PostPosted: Mon Oct 10, 2011 8:38 am    Post subject: Reply with quote

Occupy Wall Street gaining momentum
The power of technology is sweeping through America in a most unexpected way. The home of high tech and innovation has been exploiting technology and developing technology in changing the way of life of human beans everywhere. In many ways, technology has improved the way information and communication has never been before. Lifestyle also changes with Ipad, Iphone technology, thanks to Steve Jobs.
While many improvements in the way of life have been taken for granted in the developed countries, technology saw its biggest impact in the bringing down of dictators in countries that have not really embraced technology in a big way. The falling of several kingpins in northern Africa, now famously known as the Arab Spring is a good example.
Now this Spring is arriving in the streets of America, in most of the major cities, where inequalities and injustice, greed and corruption are taken by horns when Congress refused to act or slept with the perpetrators of greed and corporate crimes. The American people have finally taken onto technology for the good of the ordinary Americans against the crooks in high places, especially Wall Street.
The greed in Wall Street knows no bound and are concealed or blatantly ignored by the congressmen and senators. Only the bringing down of Wall Street can the cancerous growth of greed in America and the financial world be arrested. Europeans and some American regulators are reported to be trying to clamp down on the new scourge in the stock markets, ie, computerized high speed trading. They have seen the ills, and some have been fined heavily. But they are very cautious as the literature and media are still promoting and praising the goodness of such tradings, ignoring or sweeping under the carpets the ills of high speed tradings. The benefits are superficial and actually non existence. The whole scheme is to clean up the market by the application of high technology against the innocent small traders without the advantage of sophisticated computers. The playing field is not level, which is criminal itself. But the big boys are ignoring the inequitable situation, to take advantage of the system against the ordinary guys.
Only when Wall Street is taken to task, taken down, can the stock markets of the world be returned to normalcy. And only the ordinary Americans can do it, with a little help from technology, the very technology that the crooks in Wall Street are using to rip them off. The American people need to bring the issue to their govt, who are just as guilty as the crooks in Wall Street. They are in cahoot, in a white collar crime that are hidden in the name of technology and expediency.
Deep down, everyone of the crooks know that they are cheating the people, the ordinary Americans in main street. They are laughing all the way to the banks, with the loot robbed from the ordinary guys. Bringing down Wall Street will set in motion a wave to bring down all the crooks in the international financial systems across the world.
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redbean



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PostPosted: Thu Nov 03, 2011 8:57 am    Post subject: Reply with quote

Another lemon crisis
The sudden and abrupt closure of MF Global has caught many Singaporean investors by surprise. And many are in panic mood, with open positions that may turn to become big losses in their CFD trades. These are complex derivatives that used high leverages for big gains or big losses. Investors with cash deposits with MF Global are also extremely worried as it was reported that the company actually used their client’s funds to make big bets in European sovereign debts. It seems that there is a high possibility that Singaporean investors’ money are also taken out to feed the company’s gambling in Europe.
The MAS has come out to assure the Singaporean investors that they are doing all they can to protect their interests and investments. Singaporean investors should not be unduly worried as we have the best and most stringent regulations in place to protect their investments here. Though the scoundrels are the same, the derivatives and products are the same, the modus operandi are the same, as those in New York and Europe, our stringent regulations are also in place to protect our investors.
Investors should relax and everything shall be fine.
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redbean



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PostPosted: Fri Nov 04, 2011 8:21 am    Post subject: Reply with quote

The stock market needs a savior
The state of the stock market is laughable at best. The media reports paint a picture that it is in the pink of health, and happily strutting its staff around. Some say that it is like the emperor without clothes. Actually more, the emperor is without clothes and having VD. I am trying to imagine the pathetic sight of the staff.
The stock market is a system with its own component players, the regulator, administrator, stocks, brokers, remisiers, funds, big and small investors. Removing any one of these players will cause the system to grind to a halt. At one time some thoughtlessly think that removing the remisiers will be better for the brokers, but this has since proven to be a mistake. The trouble today is that one key component is dying, ie the local investors. And along the way, the stocks/companies too are thinking of fleeing the market.
Industry players are quite clear of the causes that are leading the market to the abyss. However, no one is saying so. Instead everyone is cheering at the emperor and his new clothes and his sore staff.
The industry needs a savior to turn the market back on the right path and nurse it back to health. I say savior not for no reasons. A savior is godlike, to be above the mortals, to be able to call the shot, and have no fear that anyone can harm him. He shall be the light that cannot be concealed by darkness.
He must also be well versed about the market and its mechanism, and be able to see the plagues and where they came from. With prescient knowledge and an untouchable position, only then can the savior carve out the rots and give the market a good cleansing.
There are not many people in the industry that can fit this bill. All I can think of is One. He is the One that can save the market. He is the One that can carry this yoke on his tall shoulder, stand on high moral grounds, to save the market and its players. And he can count on justice, fairness and righteousness on this side.
Saving the market and its players will allow the savior to live up to his name. The One shall then be elevated to his rightful throne, when he succeeds. Yes, when and not if he succeeds. If the One dares to follow this calling, light shall triumph over darkness, he shall be the shining light of his believers.
Who is the savior? The One shall know.
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redbean



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PostPosted: Tue Nov 08, 2011 8:36 am    Post subject: Reply with quote

CFDs are for sophisticated clients

With the MF Global bankruptcy turning into another lemon juice, more questions are being raised on CFDs in the media in the Sunday Times. When all the toxic notes and bonds were introduced to the market, they too were listed as sophisticated products, complex products for sophisticated clients. When the Lehman bonds have gone one step further and have been condemned as a con job in the US, when high risks housing mortgages were packaged and given triple AAA ratings to be sold to sophisticated investors, they also found the issuers betting against the failure of the bonds. The issuers thus made both ways, selling junks and if junks failed they would be paid by their insurers.

CFDs, like many derivatives, are highly geared instruments for trading in the market. And everyone knows that it is high risk and high return. Not only the sophisticated investors know of this risk, even the unsophisticated layman will know what they will be dabbling in.

For the less sophisticated investors, who are more prudent in their investment outlook, more are turning to the mundane and traditional stocks where the risk is lower. Simply, when one buys a stock, it is unlikely to lose everything unless the company goes bust or the management ran away. In trading derivatives, the margin is the capital in play and it is quite easy to lose everything in a short time.

Then again, lately stocks too have a very high tendency to go bust or with management running away and investors losing everything. Stocks too are not as safe as before the advent of derivatives. Many derivatives are stock based. What could happen is that the trading and fluctuating of stock prices are now tightly knitted with the prices of derivatives. Stock prices can also go a wild ride when big derivative players have to cover their positions by manipulating stock prices. Though price manipulation is a breach of stock trading regulation, often it is very difficult to prove and to apprehend the manipulators. The latter have many sophisticated and complex ways of covering their tracks.

The seemingly innocent stocks are not that docile and safe anymore.

Does anyone spend a moment to think of what the word ‘sophisticated’ means in derivatives and stock trading? It is a sophisticated way to describe high risk gambling in the stock market. A sophisticated client is a client willing to take high risk, like a gambler. A sophisticated product or derivative is a high risk gambling product. Period.

High risk gambling belongs to the casino and not the stock market where the dynamics and conduct of business are different. Gambling is just gambling, take a bet, be fast, no need to worry about fundamentals, or no fundamentals at work. Buy white or red does not need analysts and their back breaking reports. Pressing the button of a jackpot machine only needs to look at the probability of winnings. A computer that can be attached to the machine will definitely increase the odds.
There is such a thing called blue chips in the stock market where the business and bottom line of the companies are more important in determining the price of the stocks than simply betting it up and down by algos in split seconds. Is the stock market turning into a casino or is it a mixture of both?

Perhaps the high risk derivatives should be assigned to a different platform, something like casino counters, and govern by the Casino Regulatory Authority. High risk gambling must be controlled under more stringent rules and regulations. Better still that they be delinked from the primary stock market. They can create derivatives from anything, not necessarily stocks in the stock markets, and this will spare the blue chips and good stocks from being murdered by the big derivative speculators.

And the word ‘sophisticated’ should be cast to the world of gambling and casinos.
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PostPosted: Fri Nov 11, 2011 10:05 am    Post subject: Reply with quote

MAS is starting to show interests
The MF Global sham must have triggered MAS into action. Or is it Paul Volcker’s recommendation for more regulation than deregulation? Well, MAS is introducing more regulations to prevent more lemons appearing in our financial market, to protect the average investors. Sophisticated instruments, derivatives etc will now be subject to more regulations to prevent innocent, ignorant and unsophisticated investors from being sucked into the quagmire and lose their life savings.
It is a good start, albeit a little too late and a bit too little. The measures taken are still too inadequate to prevent the loss of billions to the big funds which is happening daily. It is not just the derivatives and sophisticated products that are at fault. There are system faults that cannot go on like this.
The derivatives are now seen as dangerous, if not toxic. If they are dangerous, shouldn’t they be taken out of the system completely? Or it is okay to sell poison as long as the buyer knows that it is poison? This is a philosophical question. It can be a matter of right and wrong, a moral issue.
Derivatives are not only dangerous by themselves. The fact that they are derived from the major stocks in the market will also put these stocks at risk to grave manipulations. The intrinsic values of these component stocks will be of no bearing to the speculators whose only interest is profit by pushing the stocks up and down, at high speed.
The more dangerous development is to allow funds to hook up their computers to the stock market system. This is unfair in many counts. They could trade at high speed with the advantage of high speed computers and with the information provided by the system that the average investors are not accessible to. And they could use big muscles, with practically unlimited trading limits to corner stocks, to move stocks at will. Cornering of stocks, buying and selling without change of ownership are all against the rules and regulations of the stock market. Are the funds doing it, or allow to do it?
For several years, the investors have been brought to the cleaners by the big funds. A report on who are the main winners and who are the losers would tell the story much clearer on how the system is disadvantaging the average investors.
MAS could have done more to ensure that the stock market is a level playing field to all investors, big or small. Funds can play with their sophisticated computers, algos, big war chests, but must not be allowed to hook their computers to the exchange. This is the least that MAS has to do.
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redbean



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PostPosted: Fri Nov 25, 2011 9:33 am    Post subject: Reply with quote

What kind of market is better?

A market that is very active with high speed computers churning but in reality a fiction, and worst, having vacuum cleaners cleaning up the small investors.

Or a real market of many small investors but with much lesser fictitious trading activities and the small investors have a better chance to making some profits now and then?
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PostPosted: Wed Nov 30, 2011 9:44 am    Post subject: Reply with quote

When politicians were naïve
Those were the days, not too long ago, when politicians were naïve, just a figure of speech. They were young and highly charged, with bellies full of fire, to serve the people and the country. That was a time when the country was ruled by foreigners, the colonial masters. To these young intellects, the first question that bumped into their heads was why should the country be run by foreigners who were no better than them. Probably they also believed that they could do better for country and people when they were in charge.
That kind of idealistic thinking set a trend that changed the course of our history. Young and eager men and women fought to take back this country, to run it for the betterment of its own people. When they succeeded, the locals took charge of all the major ministries and institutions, to manage them for the good of the locals, not for the Queen of England. And with the locals thinking locals, and when the political leaders were thinking of bettering the lives of the people, things changed dramatically. It was local politicians and people serving local people, for the interest and good of the people.
Has anything changed? The politicians have all changed except for one. But everything else has changed. Oh, they are still saying that they are serving the people and the people’s interests. This has not changed. But the substance has. While the first generation of leaders replaced the foreigners with locals, we are seeing more foreigners replacing the locals. Don’t be conned by the term ‘new citizens’. And as for serving the people, this is relative depending on how one views it.
There used to be the govt providing facilities, building facilities, including housing and transportation, ahead of the people’s needs, and waiting for the people to benefit from them. The people needed housing, and houses were built. Schools, hospitals, transportation, jobs, industries, were waiting for the people. Today, the people have to queue up, to wait for these services and facilities. They don’t build public housing to wait for the people. The people wait for the housings to be built. The people wait for schools for their children, wait for hospital spaces and medical services, transportations etc etc.
Jobs then were localized, decolonized. Today we are seeing a new kind of colonization in jobs. Foreigners are taking over the juicy and plum jobs all over again. And this is good, progress of a different kind. Foreigners changed shirt and become instant citizens to take over jobs from Singaporeans. From displacing foreigners we are replacing locals with foreigners/new citizens.
It is scary when a politician stands out and proclaims that he is in politics to serve the people and country. Scary indeed. The naïve politicians of the past were admirable, respectable and sincere in what they said and did. There were some honesty in their ethics, ambitions and idealism for being politicians.
Today they are pragmatic and honest. No more young and idealistic. They may even say if I am not pay so much, don’t call me. And they will delay the opening of an MRT station because there is not enough load, not profitable, not justifiable. They will build public housings, but you wait for another few years for them to be built. They cannot afford to build and wait for the people. Hospitals, transportations, public services, must be justified in terms of profits before they are built. There are exceptions of course, like public parks which were built together with public housing.
With some exceptions here and there, the ethos for public service is never the same again.
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redbean



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PostPosted: Fri Dec 02, 2011 10:19 am    Post subject: Reply with quote

Conditions for a failed stock market
Technology and financial whiz kids have made stock trading not what it was before. High speed computers and how they are being applied to the stock trading system are a recent development that is more a curse rather than light at the end of the tunnel. Then there is high speed communication and the ability to move huge funds across borders to effect trading makes stock trading very precarious.
The war chests of big funds today are so huge that many could dominate the trading activities of small stock markets. And when operating in concert, several funds could execute transactions many times the size of the normal daily trading volumes of a small market. The implication is that they could corner not only several stocks but virtually take control of all the trading activities in a market. They could churn stocks up and down to their advantage.
Such a situation is made worst by small stock markets with fewer stocks and smaller capitalisation, and lesser number of investors. The small traders become easy preys to the big funds. And with the permission and connivance of stock market regulators, the funds could muscle their way into the system with their computers plugged in and extracting whatever information on buy and sell in their favour.
The rationale that the same thing is being done in New York is invalid. In a big market, with many similar big funds, there is a possibility of them cancelling each other’s action. In a small market, it is like a big fish in a small pond, it can cause big waves and rule the pond.
To make matters worst, some small exchanges are in a hurry to grow, to show results, and are tempted by the big funds’ presence. The big funds took advantage of the greed and impatience of small exchanges by dangling the carrot of bringing in their war chests to increase trading volumes to a small market. In return they dictated to the small exchanges how the trading system should operate, reducing bid sizes, reducing trading fees, and applying a lighter touch through deregulations, and of course allow their computers to plug into the system. The big funds thus were able to manipulate the trading systems and rules and regulations for easy profits.
Rules could be bent, for instance, while short selling is not allowed in many exchanges, the big funds could circumvent this through scrip borrowings. The exchanges could be easily convinced, and being a willing partner that is dependent on the patronage of big funds, they would create a scrip lending systems for the big funds to cover their short positions. The convenient excuse is that it is another business for long term investors to enjoy some income, and for the exchange too.
The truth is that these innocent and ignorant long term investors would earn a pittance in scrip lending but end up facilitating the big funds to drive down the value of their long term investments.
Under normal circumstances, most exchange regulators would not condone to such violations to the integrity of the trading system. But exchanges are hungry for income and business. The higher the trading volume the more clearing fees they will collect to boost their bottom line. And they could justify to their stakeholders with the good returns, and keep a close eye while the big funds clean up the small investors in the market. And they can claim that it is caveat emptor, that the investors came in with their eyes open. No one is forcing the investors to trade.
A more convenient situation will be an exchange that is self regulating. It can then do anything it wants, provides whatever flimsy excuses, to run a flawed system, a system that allows the big funds to take advantage of the small traders. The outcome is quite clear when only the big funds are making profits and the general investors are all losing their pants. This can only happen when the authority ignores the risk of conflict of interests, when an exchange is profit seeking and allowed to regulate itself.
The govt or authority is the ultimate arbiter of the conduct of an exchange. It is the authority of last resort to ensure that stock exchanges are properly run and not run solely for its own benefits at the expense of other stake holders. But the ultimate authority can also fall asleep, thinking that if they have the best men in charge, an exchange will be properly and fairly managed.
There are many other reasons for a govt to give an exchange a free hand to do as it likes. It can be a matter of convenience, or a matter of incompetence, that they are dumber than the exchange management and are afraid to question what the exchange is doing.
There could also be a higher objective, to want to build up a big exchange at all cost, at the quickest time. Such wild ambition, and without full knowledge of how the exchange is being run, how destructive the big funds and their high speed computers can be to an exchange, things can go very wrong. As long as the exchange management can claim that what they are doing is to achieve the objective of a big and vibrant stock market, they could be easily left off the hook.
Another condition is that there is no whistle blower. No one wants to assume the leadership to point out the flaws in the system. Everyone is watching, knowing that things are going wrong, but not willing to rock the boat. All the institutions that claimed to look after the interests of the investors just looked the other way. Maybe they could not see anything wrong. Maybe they are waiting for things to happen to play safe. Doing nothing is the safest thing to do. And the govt or authority continues in their ignorant bliss. No complains, so everything is fine.
In reality, exchanges are normally managed wisely by competent managers. There could be some misses now and then, and some of the above conditions may exist at one time or another. But it is unlikely that all the conditions will exist at the same time. When there is a confluence of all these conditions existing, the failure of the stock exchange is imminent.
All govts and regulators must be alert and watch how their exchanges are being operated, and to look out for such warning signs and to take preventive actions early. Failing to do so is being negligent and irresponsible.
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redbean



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PostPosted: Mon Dec 12, 2011 8:32 am    Post subject: Reply with quote

How to trade in a market controlled by big funds

I am not going to reinvent trading methodologies to make money in the stock market. Many will still advise clients to buy low sell high, to follow charts, to follow all kinds of formula to make big profits in the stock market. People who still believe in these methodologies are still living in the dark ages.

The stock markets today are no longer the stock markets of yester years. Stock markets today are infested by big funds with super computers to monitor every trade, to play against every investor, and take the best computed positions against them, to come out the winner. Someone says it is like playing against Robocop. How many can beat the Robocop? Why are they allowed to do it is a different story, a story of ethics and morality.

Many are still following faithfully and religiously on their sure win methodology and game plan and still losing. When they think it is time to enter the market, when they think the price is low, they were wrong. Confirm, double confirm. The price would go lower. Sometimes they may make a bid or two and think their methodology is right. They did not know that at those moments, the computer was biting on other bigger gains and they happened to be on the side of the computer.

They are still some syndicate plays that are making good money. These are the real winners with the right methodology, which they would not disclose to anyone. Trade secrets or whatever, there are small pockets of winners in this new game. Other than them and Robocops, the rest are condemned to be losers.

Anyone still day dreaming of beating the Robocop and his super computers with his grand plans and grand strategies? Please, remove your blinkers. The only method to be on the winning side is to know what the computers are doing and be on the side of the computers.

An equivalent example of the game so far is the 4D run by the Tote Board. By sheer odds, the operator is likely to make a certain profit. What if the operator uses the data available in his computer on who bets on what and how much will be the payout of each number? And with the super computer, the operator decides which number to open for maximum profit instead of the current method of pure chance. The Tote Board even go to the extent of ensuring that there is no cheating, that pure chance is truly pure chance, no one allowed to use his computer to his advantage.

See the difference?
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redbean



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PostPosted: Wed Jan 04, 2012 9:43 am    Post subject: Reply with quote

Turning Pareto upside down

The recent tightening of regulations on trading high risk instruments and products through the SGX is ruffling some feathers, of the investors and brokerages. It is quite a complicated exercise to safeguard the interests of naïve and ignorant investors in sophisticated, highly geared derivatives and foreign shares. The new regulations have made monitoring, administration and its execution quite a formidable exercise, and with many loose ends yet to be tested.

What has Pareto got to do with this change? The bread and butter business of the remisiers is trading local stocks and other legitimate and well established instruments. This is the forte of most remisiers. They know the business, the stocks, the companies and the happenings in the industry.

As for high risk and highly geared derivatives and other queer instruments, including foreign shares, they are a totally different kettle of fish. Not many of their clients are sophisticated enough to want to dabble in them regularly. Occasionally there will be a few never say die commandoes who may have heard something or given a tip by someone and wanted to go in for a quick punt. The business generated by these unfamiliar stuff is pretty small and in between. It may not be more than 5% of their business, or not at all.

And when foreign shares are concerned, it is sheer impossible to know what they are. Clients could technically ask to trade stocks from Australia, Indonesia, Philippines, Japan, Taiwan, Korea, Hongkong, Shanghai, all the other countries of Asean, Europe and the US. The number and spread of stocks are simply insane to know. Even the big funds or brokerage would not have enough specialist staff to know what they are dealing with or even claim to know the stocks of a particular market. There is just no superman to know any one market or all the markets even if he is full time on it.
Get the picture? The local remisiers who are pretty familiar with the local companies and stocks are not allowed to advise their clients in the trading of these stocks. They are supposed to be order takers, dumb key board operators in a way.

In the case of foreign stocks and derivatives, which most remisiers would hardly have a clue or only superficial knowledge, they are expected to advise their clients on how to trade these alienand unfamiliar stocks and queer derivatives. Get me now?

There is no excuse for any remisier to not know about these Specified Investment Products or SIPs, when they are expected to give advice to their clients. Now, how can one be an expert in the stocks and derivatives around the world? I don’t think any brokerage or international funds have such an expertise and definitely not in one particular trader. It is simply an impossible requirement.

Even if the remisiers are willing to attend all the training needed, to gear themselves on these foreign shares, it will be at least 10 years by the time he gets to attend all the training sessions. Here comes Pareto. Why spend so much time on an activity that is hardly 5% or less of one’s business, so as to be qualified professionally to give advice to clients? Or can one simply give advice on something he does not know?

Can there be such an animal in existence that is capable of providing professional advice to clients on all the overseas stocks and all the highly sophisticated instruments at the same time, and still spend 90% of his time managing his clients trading on local stocks, even as an order taker?

I doubt a super computer can do a proper job.
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PostPosted: Wed Jan 11, 2012 4:03 pm    Post subject: Reply with quote

Putting money in the wrong place

China has woken up to its folly of investing its money in American stocks. The last decade had seen China losing billions in pouring money into American stocks while neglecting its own stock market. Instead of making money, it burnt a big hole for its blind belief and adolation of Wall Street and the great American financial con game. While doing it, it also in a way allowed the hollowing of its own stock market and the value of Chinese stocks in Shanghai and Hongkong.

Now that it has learnt its lesson well, that Wall Street is another rotten apple and a bottomless pit, China is turning its interest back home. It is going to invest in its own market and stocks. China is also encouraging its pension funds and other financial institutions to boost its own stock markets.

The stupidity of Asians and their blind infatuation of everything American are turning full circle. The Chinese have learnt well and no longer behaving like little boys and girls pouring money into American stocks and assets. They rather put money to support their own markets and not look so stupid to the Americans.

The Chinese are now taking the lead to return to Asian. They used to believe and were misled by dumb American believers.
The Chinese stock markets can look forward to more Chinese funds supporting their own stocks.

Would Temasek and GIC now learn from China and cut their losses in America and Europe and bring back their foreign invested funds to support the local market and local stocks? Or would they continue in their blind belief that the American and European markets are the safest and most promising place to invest while hollowing out the local markets and abandoning local stocks?
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PostPosted: Wed Jan 11, 2012 5:19 pm    Post subject: Reply with quote

Dow was up +70 to close at 12462. Trend is flattening. Dow's future is now +5 and Europe opened slightly weaker.

Asian bourses were mixed. Nikkei +26, ShanghaiC -10, Hangseng +148. STI +27 closing at 2747. Volume was 1.3b shares.

STI trend is up.

Top volumes were Noble +2.5, Genting -0.5, GoldenAgri -0.5, Artivision +2, HPH Trust +3, Ausgroup +1.5, PSL +0.5, Yangzijiang +4, Dynamac +3, Sembmar +22.

Market was cautious in the morning with some profit taking. Buyers came in in the afternoon and most stocks turned green. Banks and marine stocks made good gains. Penny stocks enjoyed some play and good gains as well.

We have two good days of gains and looking like a pre CNY rally in the making. Investors should note that this is a trading market and may come tumbling down quite quickly on profit taking. Tomorrow is Thur and Fri around the corner.

What is likely to jolt the market now will the sudden escalation of tension in the Hormuz Straits. That would send the market reeling.

Dow and Europe are looking stable but may pull back a little tonight.
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PostPosted: Thu Jan 12, 2012 3:52 pm    Post subject: Reply with quote

Hong Kong Traders Plan Lunch-Break Protest
By Kana Nishizawa and Marco Lui - Jan 12, 2012
Securities traders and restaurant staff will protest outside the Hong Kong stock exchange offices today over the bourse’s plan to reduce its lunchtime trading break.
As many as 1,000 protesters will gather at the Statue Square in the city’s central business district at 4:45 p.m. and walk to the headquarters of Hong Kong Exchanges & Clearing Ltd. at the Exchange Square, said Patrick Lam, chairman of the Hong Kong Securities & Futures Employees Union and organizer of the demonstration.
Hong Kong Exchanges Chief Executive Officer Charles Li plans to cut the lunch break from March 5 to one hour from 90 minute, following a reduction last year from two hours, the longest of the world’s 20 largest bourses. Brokers use the lunch break to communicate with clients and improve businesses, and one hour is not enough, Lam said by telephone today. Restaurants in the city’s central district would be losing business as well, he said.
“I think it’s ridiculous,” said Francis Lun, managing director at Lyncean Holdings Ltd., who may join the protest. “After the morning trading, traders have to spend about 15 minutes to match all the trades, so it really gives you no time for lunch at all. I hope we can throw garbage on the head of Mr. Charles Li for not listening to public opinion.”


The SGX has since cut off lunch break to be in line with the stupid Americans for the same quoted reason that it will increase the volume of transactions. Where is the evidence? Where is the increase? There is only decrease in volume. In fact the volume of trades does not even justify opening the exchange for more than 2 hours. Now that this sad state of affair has been proven, let’s not deceive ourselves that volume will increase with continuous trading.

What is the point of opening non stop when there are hardly any trades being done? Or is it that it got something to do with switching on and off of high speed computers? There is no reason for continuous trading unless the volume justifies it. Until then, it is only reasonable to revert to the one and the half hour lunch break.
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what i posted is just my personal view. feel free to disagree.
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